Which of the following statements is true?
A. Closing entries are only necessary if errors have been made.
B. By using a work sheet to prepare adjusting entries you need not post these entries to the ledger accounts.
C. A post-closing trial balance should include only permanent accounts.
D. Retained earnings must be closed each accounting period.
E. The work sheet can be substituted for preparing financial statements.
Answer: C
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Indicate whether the statement is true or false
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Advertisements that state prices are usually not considered binding offers
a. True b. False Indicate whether the statement is true or false